July 12, 2011
By: Bruce Berry
General Motors announced it will begin offering a one-year auto insurance policy to Oregon and Washington drivers who purchase certain new car models.
A one-year car insurance policy with MetLife Auto & Home is available at no additional cost for motorists who purchase a new 2010, 2011 or 2012 Chevrolet, Buick, GMC or Cadillac. The company is testing out the offering in Oregon and Washington with the hopes that such a concession would encourage car buyers concerned with the affordability of auto insurance. The policy would include liability and physical damage coverage and offers more than just the minimum coverage requirements in each state.
"This offer enhances the vehicle's value proposition because our policy is considered one of the most comprehensive in the industry," said Bill Moore, president of MetLife Auto & Home. "Our new car replacement feature is a benefit not found in most auto policies."
That feature replaces a vehicle if it is damaged within one year of its purchase or its first 15,000 miles, and is not based on the car's depreciated value.
If the pilot program pays off, it could help insure more drivers nationwide. The most recent data from the Insurance Research Council found 13.8 percent of U.S. motorists lacked auto insurance in 2009.
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